By Christian Moess Laursen
Pod Point Group Holdings said Monday that its pretax losses widened in the first half of 2023 on waning demand and weaker revenue, and backed its recently set-out full-year view.
The electric-vehicle charging company reported a pretax loss of 32.8 million pounds ($42.1 million) in the half year compared with a loss of GBP7.5 million in the first half of 2022. The year-ago period benefited boosted demand due to the U.K. government’s OZEV grant program ending, it said.
Revenue fell to GBP30.6 million from GBP41.55 million a year prior, dragged by a fall in revenue from its home business segment of 54% to GBP12.4 million, while its three other business segment reported growth.
Adjusted loss before interest, taxes, depreciation and amortization–the company’s preferred metric, which strips out exceptional and other one-off items–widened to GBP6.8 million from a loss of GBP1.4 million.
Pod Point reaffirmed its recently downgraded full-year guidance of at least GBP60 million in revenue, and adjusted loss before interest, taxes, depreciation and amortization expected to be no greater than GBP17 million.
“We expect the improvement in gross margin seen in the first half-year to continue in the second half on improved supply chain and actions taken by the group,” Pod Point said.
Write to Christian Moess Laursen at [email protected]
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